Free New Issue Of 10x45 Bargain Hunter, Featuring 10 Essential Stock Screens For Value Investors

10X45 BARGAIN HUNTER

Presented by the Research Team of

“The critical investment factor is determining the intrinsic value of a business and paying a fair or bargain price.” —Warren Buffett

Presented by the



November 1, 2009

Top Three Screen Results, by Category

Manual of Ideas Research Team

Company

Ticker

Price

Market Value

Enterprise Value

Dear Fellow Idea Seekers,

"Magic Formula," based on Trailing Financials 1 KHD Humboldt Wedag KHD $9.16

$277mn

-$72mn

Trailing EBIT / EV infinite

We are pleased to bring you this latest issue of 10x45 Bargain Hunter, our bi-weekly stock screening report. This report is based on market prices as of October 30th.

2

GT Solar

SOLR

$5.25

$753mn

$592mn

26%

3

ePlus

PLUS

$15.04

$124mn

$96mn

26%

"Magic Formula," based on This Year's EPS Estimates 1 EarthLink ELNK $8.10

Sincerely, Your Manual of Ideas Team

2

Pre-Paid Legal

3

PRG-Schultz

Special Offer

$860mn

$485mn

EPS Yield FY0 13%

PPD

$39.54

$434mn

$442mn

14%

PRGX

$5.18

$120mn

$109mn

11%

"Magic Formula," based on Next Year's EPS Estimates 1 GigaMedia GIGM $4.10

$224mn

$141mn

EPS Yield FY1 16%

2

Net1 UEPS

UEPS

$17.49

$792mn

$575mn

12%

3

Centene

CNC

$17.83

$810mn

$652mn

12%

Get 10x45 Bargain Hunter FREE with your subscription to the acclaimed monthly newsletter, Downside Protection Report.

Contrarian: Shunned by the market, but not by insiders 1 * Genomic Health GHDX $18.57

$530mn

$475mn

Insider Buys $4,550mn

2

* Western Refining

WNR

$5.61

$498mn

$1,502mn

$2,491mn

3

* Preferred Bank

PFBC

$2.53

$25mn

n/m

$2,338mn



Contrarian: Biggest Losers (deleveraged & profitable) 1 Cardionet BEAT $5.91 2

Questcor Pharma

3

Emergent BioSolution

of Downside Protection Report!  www.manualofideas.com

About This Publication 10x45 Bargain Hunter is a bi-weekly screening service for investors looking to uncover hidden value in the stock market. Bargain Hunter is brought to you by the acclaimed Manual of Ideas research team. Inspired by the Zeiss 10x45 Victory Rangefinding Binocular ("essential equipment for long range hunting and a reliable shot"), the 10x45 Bargain Hunter is designed as an essential tool for every value investor’s arsenal. Whether you run your own screens or not, we hope you'll find 10x45 Bargain Hunter a valuable ally as you seek out undervalued companies trading in U.S. markets.

$141mn

$96mn

∆ Price YTD -76%

QCOR

$4.54

$291mn

$221mn

-51%

EBS

$14.42

$439mn

$392mn

-45%

n/m

∆ Shares Q-Q -7%

2

Banco Macro

BMA

$29.23

$1,778mn

n/m

-7%

3

* Hawk

HWK

$13.92

$112mn

$120mn

-6%

$513mn

$954mn

Div. Yield 11%

Value with Catalyst: Cheap Repurchasers of Stock 1 LaBranche LAB $2.76

Profitable Dividend Payors with Decent Balance Sheets 1 * Calumet Specialty CLMT $15.92

$148mn

2

Integrys Energy

TEG

$34.60

$2,644mn

$2,337mn

8%

3

* Plains All American

PAA

$47.83

$6,167mn

$10,581mn

8%

Deep Value: Lots of Revenue, Low Enterprise Value 1 Tech Data TECD $38.43

$1,932mn

$1,242mn

EV/Revenue .06x .07x

2

Winn-Dixie Stores

3

Ingram Micro

WINN

$11.09

$608mn

$484mn

IM

$17.65

$2,878mn

$2,084mn

.07x

Deep Value: Neglected Gross Profiteers 1 Molina Healthcare MOH

$18.72

$478mn

$16mn

EV/GP .03x

2

WellCare Health

WCG

$26.13

$1,103mn

$162mn

.16x

3

Kindred Healthcare

KND

$14.70

$574mn

$652mn

.17x

Activist Targets: Potential Sales, Liquidations or Recaps 1 QLT QLTI $3.49 $191mn 2

Myriad Pharma

3

Imation

-$3mn

NCAV / MV 138%

MYRX

$5.52

$133mn

-$36mn

124%

IMN

$8.82

$336mn

$225mn

119%

10X45 BARGAIN HUNTER is published bi-weekly by BeyondProxy LLC, P.O. Box 1375, New York, NY 10150. Website: www.manualofideas.com. Email: [email protected]. Please email or call if you have any subscription questions. Managing Editor: John Mihaljevic. Subscription $99 per year. © Copyright 2009 by BeyondProxy LLC. All rights reserved. Photocopying, reproduction, quotation, or redistribution of any kind is strictly prohibited without written permission from the publisher. This newsletter bases screening results on techniques and sources believed to be reliable in the past and cannot guarantee future accuracy and results. The stocks listed in this newsletter should not be construed as investment recommendations. BeyondProxy’s officers, directors, employees and/or principals (collectively “Related Persons”) may have positions in and may, from time to time, make purchases or sales of the securities or other investments listed or discussed in this newsletter. John Mihaljevic, Chairman of BeyondProxy, is also a principal of Mihaljevic Capital Management LLC (“MCM”), which serves as the general partner of a private investment partnership. MCM may purchase or sell securities and financial instruments discussed in this newsletter at any time on behalf of the investment partnership or other accounts it manages. Use of this newsletter and its content is governed by the Terms of Use described in detail at www.manualofideas.com/terms.html. Pictured in the top left corner is the Zeiss 10x45 Victory Binocular with built-in laser rangefinder.

"Magic Formula," based on Trailing Financials

Click on company name, ticker or stock price for more information!

Companies with high returns on capital employed, trading at high trailing EBIT-to-enterprise value yield

Move To 52-Week Low High

▼

▼

MV ($mn)

EV ($mn)

EV/ Sales

Trailing EBIT/ EV

EBIT/ Capital Employed

Tax Rate

Price/ Tangible Book

Insiders % Buys/ Own. Sells

Company

Ticker

Price ($)

1 2 3 4 5

KHD Humboldt Wedag GT Solar ePlus GigaMedia PRG-Schultz

KHD SOLR PLUS GIGM PRGX

9.16 5.25 15.04 4.10 5.18

-29% -83% -48% -36% -52%

101% 72% 13% 89% 35%

277 753 124 224 120

(72) 592 96 141 109

n/m 1.1x .1x .8x .6x

infinite 26% 26% 22% 22%

infinite infinite infinite infinite 6971%

n/m 38% 42% 3% 17%

1.1x >9.9x .8x 1.9x >9.9x

22% 78% 44% 21% 20%

-/- / 12 - / 16 -/3 3/-

6 7 8 9 10

EarthLink PDL BioPharma Centene Cass Information Chicago Bridge

ELNK PDLI CNC CASS CBI

8.10 8.41 17.83 29.73 18.81

-32% -38% -16% -22% -75%

10% 11% 26% 22% 14%

860 1,005 810 274 1,871

485 1,268 652 196 1,822

.6x 3.9x .2x 4.5x .4x

29% 23% 21% 19% 18%

396% 768% infinite infinite infinite

n/m 22% 36% 27% 39%

2.1x n/m 2.4x 2.5x n/m

9% 1% 2% 7% 2%

- / 12 1/-/-/6 -/-

11 12 13 14 15

Foster Wheeler USA Mobility Maxygen Argan Virgin Mobile USA

FWLT USMO MAXY AGX VM

27.99 10.90 5.58 12.35 4.00

-55% -22% -31% -32% -85%

28% 29% 70% 30% 33%

3,541 247 214 168 269

2,903 151 11 118 499

.5x .5x .1x .5x .4x

17% 42% 546% 16% 16%

infinite 178% 162% infinite infinite

12% n/m n/m 39% 4%

7.0x 1.5x 1.1x 2.6x n/m

0% 1% 21% 29% 4%

-/1 -/6 -/1 2 / 33 -/7

16 17 18 19 20

Cornerstone Net1 UEPS Pre-Paid Legal EMCOR Group KBR

CRTX UEPS PPD EME KBR

5.60 17.49 39.54 23.62 20.47

-69% -53% -33% -53% -52%

119% 28% 34% 12% 21%

139 792 434 1,556 3,284

126 575 442 1,232 2,207

1.3x 2.3x 1.0x .2x .2x

16% 16% 21% 26% 26%

infinite 8895% 214% 158% 158%

26% 33% 38% 39% 38%

>9.9x 4.4x 8.4x 6.0x 2.3x

88% 16% 33% 2% 1%

- / 19 - / 10 -/1/3 -/3

21 22 23 24 25

Gentiva Health Primoris Services Questcor Pharma Hawaiian Holdings * Amedisys

GTIV PRIM QCOR HA AMED

24.00 7.33 4.54 7.09 39.79

-46% -56% -32% -69% -37%

25% 11% 116% 29% 49%

699 238 291 365 1,113

832 196 221 322 1,291

.7x .4x 2.2x .3x .9x

26% 20% 27% 40% 17%

156% 195% 151% 140% 238%

17% 29% 30% 21% 39%

n/m 3.7x 4.0x n/m n/m

10% 66% 7% 4% 2%

- / 11 3/-/4 1/2 - / 13

26 27 28 29 30

Lihua International AmSurg * China-Biotics ICO Global Comms Lockheed Martin

LIWA AMSG CHBT ICOG LMT

6.99 21.07 11.60 0.78 68.79

-34% -42% -53% -74% -17%

53% 22% 64% 379% 27%

166 646 198 162 26,194

156 854 140 169 27,290

1.3x 1.3x 2.4x n/m .6x

17% 26% 17% 132% 17%

205% 135% 203% 113% 189%

15% 19% 20% 2% 29%

3.8x n/m 2.8x n/m n/m

90% 2% 49% 45% 0%

2/-/6 -/1 -/-/-

31 32 33 34 35

UGI Corp. China Sky One Wright Express Energen H&R Block

UGI CSKI WXS EGN HRB

23.88 11.87 27.91 43.88 18.34

-11% -35% -71% -48% -25%

15% 61% 15% 11% 27%

2,589 198 1,064 3,147 6,150

4,657 150 1,224 3,778 6,282

.8x 1.3x 3.9x 2.5x 1.5x

15% 28% 21% 13% 13%

331% 114% 132% infinite infinite

30% 21% 38% 37% 39%

n/m 2.0x >9.9x 1.6x n/m

1% 36% 1% 1% 4%

1 / 13 -/- / 14 1/7 1/-

36 37 38 39 40

Dell Lorillard i2 Technologies Digital River * Sohu.com

DELL LO ITWO DRIV SOHU

14.45 77.72 15.74 22.83 55.60

-46% -32% -65% -26% -39%

19% 5% 12% 80% 30%

28,259 12,513 353 881 2,131

19,704 11,750 286 539 1,535

.4x 2.4x 1.2x 1.4x 3.1x

13% 13% 13% 13% 13%

infinite infinite infinite infinite 2768%

27% 38% 16% 25% 8%

>9.9x >9.9x >9.9x 2.5x 3.9x

12% 1% 26% 2% 22%

-/3 -/2 -/2 -/4 -/4

41 42 43 44 45

* Mirant * China Education * j2 Global Comms McGraw-Hill * Raytheon

MIR CEU JCOM MHP RTN

13.98 5.16 20.45 28.78 45.28

-35% -84% -36% -40% -27%

45% 26% 23% 18% 17%

2,029 119 922 9,063 17,632

2,751 91 729 9,303 17,483

.6x 2.8x 3.0x 1.6x .7x

105% 15% 13% 13% 17%

93% 216% 1673% 1326% 137%

n/m 7% 31% 37% 32%

.5x 3.3x 5.4x n/m n/m

0% 58% 4% 2% 0%

-/-/- / 15 -/- / 11

* New additions are highlighted. Screening criteria: ► Market value > $100 million ► ADRs and banks excluded New additions are highlighted. MV = market value. EV = enterprise value. Number of insider transactions relates to most recent six-month period.

© BeyondProxy LLC

10x45 Bargain Hunter™

www.manualofideas.com

November 1, 2009

Page 2

"Magic Formula," based on This Year's EPS Estimates Companies with high returns on capital employed, trading at high earnings yields (based on this FY EPS estimates) ▼

▼

Move To 52-Week Low High

MV ($mn)

EV ($mn)

EV/ Sales

This FY EPS Yield

EBIT/ Capital Employed

Tax Rate

Price to Tangible Book

Insiders % Buys/ Own. Sells

Company

Ticker

Price ($)

1 2 3 4 5

EarthLink Pre-Paid Legal PRG-Schultz GigaMedia Endo Pharma

ELNK PPD PRGX GIGM ENDP

8.10 39.54 5.18 4.10 22.40

-32% -33% -52% -36% -30%

10% 34% 35% 89% 17%

860 434 120 224 2,625

485 442 109 141 2,539

.6x 1.0x .6x .8x 1.8x

13% 14% 11% 11% 12%

396% 214% 6971% infinite 247%

n/m 38% 17% 3% 39%

2.1x 8.4x >9.9x 1.9x >9.9x

9% 33% 20% 21% 2%

- / 12 -/3/-/3 1/-

6 7 8 9 10

Centene China Sky One Net1 UEPS Foster Wheeler Cornerstone

CNC CSKI UEPS FWLT CRTX

17.83 11.87 17.49 27.99 5.60

-16% -35% -53% -55% -69%

26% 61% 28% 28% 119%

810 198 792 3,541 139

652 150 575 2,903 126

.2x 1.3x 2.3x .5x 1.3x

11% 19% 10% 10% 10%

infinite 114% 8895% infinite infinite

36% 21% 33% 12% 26%

2.4x 2.0x 4.4x 7.0x >9.9x

2% 36% 16% 0% 88%

-/-/- / 10 -/1 - / 19

11 12 13 14 15

Mirant GT Solar Questcor Pharma * China-Biotics * Apollo Group

MIR SOLR QCOR CHBT APOL

13.98 5.25 4.54 11.60 57.10

-35% -83% -32% -53% -3%

45% 72% 116% 64% 58%

2,029 753 291 198 8,841

2,751 592 221 140 8,462

.6x 1.1x 2.2x 2.4x 2.1x

22% 10% 11% 10% 9%

93% infinite 151% 203% 461%

n/m 38% 30% 20% 43%

.5x >9.9x 4.0x 2.8x >9.9x

0% 78% 7% 49% 17%

-/- / 12 -/4 -/1 - / 19

16 17 18 19 20

j2 Global Comms America's Car-Mart Innophos Continucare EMCOR Group

JCOM CRMT IPHS CNU EME

20.45 20.73 19.35 2.62 23.62

-36% -67% -61% -42% -53%

23% 24% 42% 26% 12%

922 243 412 156 1,556

729 274 564 142 1,232

3.0x .9x .7x .5x .2x

9% 10% 15% 10% 9%

1673% 181% 74% 121% 158%

31% 36% 23% 39% 39%

5.4x 1.5x 2.2x 4.8x 6.0x

4% 13% 17% 46% 2%

- / 15 - / 19 -/8 -/1/3

21 22 23 24 25

Cytokinetics CF Industries GameStop * ITT Educational American Oriental

CYTK CF GME ESI AOB

3.19 83.25 24.29 90.35 3.96

-56% -53% -30% -22% -17%

74% 14% 35% 48% 93%

194 8,307 4,000 3,338 310

72 7,390 4,298 3,213 335

.9x 2.3x .5x 2.6x 1.2x

13% 10% 10% 9% 16%

74% 117% 97% 258% 57%

n/m 36% 37% 39% 21%

1.7x 5.1x >9.9x >9.9x 1.8x

24% 52% 5% 0% 21%

1 / 24 -/2/4 -/1 -/-

26 27 28 29 30

Energen DPL * Sturm, Ruger & Co. APAC Customer SinoHub

EGN DPL RGR APAC SIHI

43.88 25.34 10.62 6.45 4.95

-48% -27% -59% -85% -65%

11% 5% 43% 9% 15%

3,147 3,035 203 334 122

3,778 4,487 150 324 124

2.5x 2.8x .6x 1.2x 1.2x

8% 8% 14% 10% 11%

infinite 218% 58% 89% 71%

37% 29% 38% 1% 22%

1.6x 2.9x 2.3x 8.2x 4.2x

1% 1% 1% 39% 30%

1/7 1/1/1 - / 74 -/-

31 32 33 34 35

Digital River CSG Systems * Dresser-Rand Group * KBR Bristol Myers Squibb

DRIV CSGS DRC KBR BMY

22.83 16.34 29.47 20.47 21.80

-26% -25% -60% -52% -21%

80% 9% 12% 21% 10%

881 574 2,432 3,284 43,185

539 594 2,604 2,207 43,109

1.4x 1.2x 1.1x .2x 2.0x

8% 10% 9% 8% 9%

infinite 77% 126% 158% 93%

25% 34% 33% 38% 26%

2.5x >9.9x >9.9x 2.3x 6.8x

2% 2% 1% 1% 0%

-/4 -/5 -/-/3 2/2

36 37 38 39 40

Synopsys Buckle Suburban Propane Pioneer Southwest Allegiant Travel

SNPS BKE SPH PSE ALGT

22.02 30.01 43.02 21.20 37.71

-37% -55% -42% -53% -15%

7% 30% 8% 7% 53%

3,209 1,389 1,411 636 753

2,127 1,226 1,679 573 586

1.5x 1.4x 1.3x 4.0x 1.1x

8% 9% 12% 11% 10%

335% 100% 55% 57% 65%

24% 37% 1% 1% 36%

4.4x 3.7x >9.9x 2.6x 2.8x

1% 43% 6% 69% 23%

- / 12 -/8 -/1 -/1 - / 15

41 42 43 44 45

VSE * Aeropostale * Fluor Hewlett-Packard Lorillard

VSEC ARO FLR HPQ LO

43.79 37.53 44.42 47.46 77.72

-55% -67% -36% -47% -32%

12% 20% 32% 4% 5%

225 2,521 7,990 112,531 12,513

227 2,276 6,020 116,124 11,750

.2x 1.1x .3x 1.0x 2.4x

10% 8% 9% 8% 7%

69% 105% 88% 139% infinite

39% 40% 33% 19% 38%

3.9x 5.9x 2.7x >9.9x >9.9x

22% 1% 0% 1% 1%

3/2 -/6 - / 12 1 / 26 -/2

* New additions are highlighted. Screening criteria: ► Market value > $100 million ► ADRs and banks excluded ► Enterprise value to market value < 1.5 New additions are highlighted. MV = market value. EV = enterprise value. Number of insider transactions relates to most recent six-month period.

© BeyondProxy LLC

10x45 Bargain Hunter™

www.manualofideas.com

November 1, 2009

Page 3

"Magic Formula," based on Next Year's EPS Estimates Companies with high returns on capital employed, trading at high earnings yields (based on next FY EPS estimates) ▼

▼

Move To 52-Week Low High

MV ($mn)

EV ($mn)

EV/ Sales

Next FY EPS Yield

EBIT/ Capital Employed

Tax Rate

Price to Tangible Book

Insiders % Buys/ Own. Sells

Company

Ticker

Price ($)

1 2 3 4 5

GigaMedia Net1 UEPS Centene Endo Pharma China-Biotics

GIGM UEPS CNC ENDP CHBT

4.10 17.49 17.83 22.40 11.60

-36% -53% -16% -30% -53%

89% 28% 26% 17% 64%

224 792 810 2,625 198

141 575 652 2,539 140

.8x 2.3x .2x 1.8x 2.4x

16% 12% 12% 13% 13%

infinite 8895% infinite 247% 203%

3% 33% 36% 39% 20%

1.9x 4.4x 2.4x >9.9x 2.8x

21% 16% 2% 2% 49%

-/3 - / 10 -/1/-/1

6 7 8 9 10

GT Solar Pre-Paid Legal Questcor Pharma China Sky One MIPS Technologies

SOLR PPD QCOR CSKI MIPS

5.25 39.54 4.54 11.87 3.95

-83% -33% -32% -35% -75%

72% 34% 116% 61% 8%

753 434 291 198 178

592 442 221 150 145

1.1x 1.0x 2.2x 1.3x 2.2x

12% 13% 14% 22% 11%

infinite 214% 151% 114% infinite

38% 38% 30% 21% 59%

>9.9x 8.4x 4.0x 2.0x 6.4x

78% 33% 7% 36% 1%

- / 12 -/-/4 -/-/1

11 12 13 14 15

* Apollo Group PRG-Schultz America's Car-Mart ITT Educational Continucare

APOL PRGX CRMT ESI CNU

57.10 5.18 20.73 90.35 2.62

-3% -52% -67% -22% -42%

58% 35% 24% 48% 26%

8,841 120 243 3,338 156

8,462 109 274 3,213 142

2.1x .6x .9x 2.6x .5x

11% 10% 11% 10% 11%

461% 6971% 181% 258% 121%

43% 17% 36% 39% 39%

>9.9x >9.9x 1.5x >9.9x 4.8x

17% 20% 13% 0% 46%

- / 19 3/- / 19 -/1 -/-

16 17 18 19 20

Bridgepoint Edu. GameStop * InterDigital A-Power Energy Energen

BPI GME IDCC APWR EGN

14.18 24.29 20.56 10.80 43.88

-33% -30% -10% -72% -48%

54% 35% 64% 36% 11%

756 4,000 887 364 3,147

635 4,298 471 267 3,778

3.3x .5x 1.7x 1.0x 2.5x

10% 12% 14% 12% 10%

infinite 97% 73% 87% infinite

43% 37% 35% 1% 37%

9.5x >9.9x 7.1x 2.7x 1.6x

69% 5% 2% 35% 1%

-/2/4 -/8 -/1/7

21 22 23 24 25

EarthLink DPL SinoHub VAALCO Energy American Oriental

ELNK DPL SIHI EGY AOB

8.10 25.34 4.95 4.26 3.96

-32% -27% -65% -17% -17%

10% 5% 15% 100% 93%

860 3,035 122 248 310

485 4,487 124 164 335

.6x 2.8x 1.2x 1.3x 1.2x

10% 10% 13% 15% 19%

396% 218% 71% 64% 57%

n/m 29% 22% 86% 21%

2.1x 2.9x 4.2x 1.6x 1.8x

9% 1% 30% 3% 21%

- / 12 1/-/1/-/-

26 27 28 29 30

Walter Industries j2 Global Comms * Foster Wheeler Mirant Merge Healthcare

WLT JCOM FWLT MIR MRGE

58.50 20.45 27.99 13.98 3.58

-81% -36% -55% -35% -93%

16% 23% 28% 45% 34%

3,094 922 3,541 2,029 215

3,242 729 2,903 2,751 210

2.4x 3.0x .5x .6x 3.5x

11% 9% 9% 11% 9%

92% 1673% infinite 93% infinite

n/m 31% 12% n/m 7%

>9.9x 5.4x 7.0x .5x >9.9x

1% 4% 0% 0% 52%

-/2 - / 15 -/1 -/-/-

31 32 33 34 35

Pioneer Southwest Dell Bristol Myers Squibb Progress Software * China Green Agri.

PSE DELL BMY PRGS CGA

21.20 14.45 21.80 23.10 11.02

-53% -46% -21% -36% -81%

7% 19% 10% 8% 36%

636 28,259 43,185 928 250

573 19,704 43,109 743 235

4.0x .4x 2.0x 1.5x 6.7x

13% 9% 10% 9% 12%

57% infinite 93% 229% 55%

1% 27% 26% 38% 14%

2.6x >9.9x 6.8x 4.4x 7.9x

69% 12% 0% 1% 1%

-/1 -/3 2/2 -/8 2/5

36 37 38 39 40

APAC Customer Allegiant Travel CSG Systems Hewlett-Packard Saba Software

APAC ALGT CSGS HPQ SABA

6.45 37.71 16.34 47.46 4.29

-85% -15% -25% -47% -79%

9% 53% 9% 4% 4%

334 753 574 112,531 120

324 586 594 116,124 98

1.2x 1.1x 1.2x 1.0x 1.0x

10% 11% 10% 9% 8%

89% 65% 77% 139% infinite

1% 36% 34% 19% 68%

8.2x 2.8x >9.9x >9.9x >9.9x

39% 23% 2% 1% 6%

- / 74 - / 15 -/5 1 / 26 - / 23

41 42 43 44 45

Allied Healthcare * Aeropostale * EZCORP * Matrix Service * China Integrated

AHCI ARO EZPW MTRX CBEH

2.65 37.53 12.97 8.87 5.76

-65% -67% -27% -44% -52%

28% 20% 40% 50% 48%

119 2,521 631 232 159

86 2,276 622 200 118

.3x 1.1x 1.1x .3x .5x

9% 9% 13% 13% 17%

94% 105% 47% 46% 42%

27% 40% 32% 36% n/m

2.5x 5.9x 2.2x 1.7x 1.6x

0% 1% 22% 1% 83%

-/-/6 - / 10 -/-/-

* New additions are highlighted. Screening criteria: ► Market value > $100 million ► ADRs and banks excluded ► Enterprise value to market value < 1.5 New additions are highlighted. MV = market value. EV = enterprise value. Number of insider transactions relates to most recent six-month period.

© BeyondProxy LLC

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November 1, 2009

Page 4

Contrarian: Shunned by the market, but not by insiders Companies close to 52-week lows, with consistent insider buying and no selling ▼ Move To 52-Week Low High

MV ($mn)

EV ($mn)

EV/ Sales

Next FY P/E

Price/ Tang. Book

% Own.

Insiders Net Sh. Bought * $'000 % of sh. 4,550 <1% 2,491 <1% 2,338 9% 1,672 1% 1,600 2%

Company

Ticker

Price ($)

1 2 3 4 5

* Genomic Health * Western Refining * Preferred Bank * Valence Technology * Seacoast Banking

GHDX WNR PFBC VLNC SBCF

18.57 5.61 2.53 1.29 1.49

-15% -8% -9% -16% -13%

47% 191% 215% 125% 558%

530 498 25 164 79

475 1,502 n/m 225 n/m

3.7x .2x n/m 11.3x n/m

133x 11x n/m n/m n/m

8.4x .7x .2x n/m .8x

43% 82% 1% 54% 10%

6 7 8 9 10

TranS1 Ideation Acquisition AT&T * CoBiz Financial * Commonwealth Bank

TSON IDI T COBZ CWBS

3.97 8.30 25.67 4.77 4.40

-2% -15% -16% -16% -16%

120% 11% 19% 155% 126%

82 104 151,479 172 30

21 n/m 217,976 n/m n/m

.7x n/m 1.8x n/m n/m

n/m 8x 11x 3x

1.2x 2.0x n/m 1.0x .3x

36% 20% 1% 18% 14%

1,433 1,428 1,181 1,088 959

2% 1% <1% <1% 3%

11 12 13 14 15

Invesco Mortgage Pinnacle Financial Verizon Metro Bancorp * Breeze-Eastern

IVR PNFP VZ METR BZC

19.94 12.70 29.59 11.83 5.95

-6% -13% -12% -7% -16%

11% 136% 18% 154% 44%

177 419 84,055 77 56

177 n/m 145,182 n/m 77

n/m n/m 1.4x n/m 1.0x

6x 23x 12x 74x -

1.0x 1.2x n/m .7x 1.6x

1% 7% 0% 17% 6%

917 762 681 532 482

<1% <1% <1% <1% <1%

16 17 18 19 20

* West. Alliance Banc * Point.360 Enterprise Acq. Ultralife Flowers Foods

WAL PTSX EST ULBI FLO

4.35 1.20 9.59 3.66 23.36

-14% -15% -8% -7% -13%

244% 72% 4% 294% 30%

315 13 300 62 2,149

n/m 20 n/m 92 2,395

n/m .4x n/m .5x .9x

n/m 7x 15x

.7x .7x 1.2x 1.7x 5.9x

34% 41% 20% 28% 16%

439 418 374 359 350

<1% 3% <1% <1% <1%

21 22 23 24 25

ClearOne Comms * Smithtown Bancorp Select Medical * Heritage Commerce * Community Capital

CLRO SMTB SEM HTBK CPBK

2.65 10.35 9.70 2.64 2.61

-15% -12% -7% -2% -4%

58% 105% 9% 464% 286%

24 154 1,514 31 12

12 n/m 3,200 n/m n/m

.3x n/m 1.5x n/m n/m

8x 17x n/m 13x

.8x 1.0x n/m .4x .2x

24% 5% 81% 11% 18%

321 300 291 240 217

1% <1% <1% <1% 2%

26 27 28 29 30

* Xcel Energy TowneBank Old National Bancorp Mid Penn Bancorp * 1st Source

XEL TOWN ONB MPB SRCE

18.86 11.54 10.37 14.04 14.82

-15% -3% -14% -1% -15%

8% 117% 91% 71% 61%

8,595 292 904 49 358

17,487 n/m n/m n/m n/m

1.7x n/m n/m n/m n/m

12x 31x 13x -

1.2x .9x 1.4x 1.3x .9x

0% 14% 3% 5% 16%

207 185 156 154 148

<1% <1% <1% <1% <1%

31 32 33 34 35

* Senesco Technologies Bancorp of NJ Inter-Atlantic * Cardionet PremierWest Bancorp

SNT BKJ IAN BEAT PRWT

0.36 9.24 7.97 5.91 1.91

-8% -8% -10% -5% -3%

219% 24% 0% 399% 306%

8 47 84 141 47

7 n/m n/m 96 n/m

22.0x n/m n/m .7x n/m

148x n/m

4.5x 1.0x 1.8x 1.3x .6x

48% 21% 15% 4% 12%

146 139 135 130 103

2% <1% <1% <1% <1%

36 37 38 39 40

Yadkin Valley Fin. Burger King * FNB United Corp. * TF Financial Laclede Group

YAVY BKC FNBN THRD LG

3.68 17.16 1.65 18.60 30.71

-12% -9% -3% -14% -5%

332% 43% 304% 24% 82%

59 2,320 19 50 681

n/m 3,087 n/m n/m 1,114

n/m 1.2x n/m n/m .5x

11x 11x n/m 10x 12x

.6x n/m .3x .8x 1.3x

5% 11% 7% 21% 7%

103 103 97 93 92

<1% <1% <1% <1% <1%

41 42 43 44 45

American Vanguard * Marten Transport Enterprise Financial First Advantage Banc Old Point Financial

AVD MRTN EFSC FABK OPOF

8.30 17.54 8.53 10.20 15.03

-11% -16% -13% -12% -3%

91% 28% 126% 3% 39%

225 384 110 53 74

321 374 n/m n/m n/m

1.4x .7x n/m n/m n/m

14x 20x 14x 14x

3.3x 1.4x .7x .8x .9x

23% 23% 11% 13% 23%

91 88 85 61 60

<1% <1% <1% <1% <1%

* New additions are highlighted. Screening criteria: ► Major insider buying in past six months ► Price within 20% of 52-week low ► MV > $1 million New additions are highlighted. MV = market value. EV = enterprise value. * during past six months (value estimate based on recent price).

© BeyondProxy LLC

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November 1, 2009

Page 5

Contrarian: Biggest Losers (deleveraged & profitable) Non-financial companies with no net debt, positive analyst estimates for next year's EPS, and large YTD price drop ▼ MV ($mn)

EV ($mn)

Price Change Since December 31, 2002 2007 2008

Price to Tangible Book

Next FY P/E

Insiders % Buys/ Own. Sells

Company

Ticker

Price ($)

1 2 3 4 5

Cardionet Questcor Pharma Emergent BioSolution Aceto Celera

BEAT QCOR EBS ACET CRA

5.91 4.54 14.42 5.54 6.19

141 291 439 137 507

96 221 392 79 186

n/m 368% n/m 17% -35%

n/m -21% 185% -31% -61%

-76% -51% -45% -45% -44%

1.3x 4.0x 1.9x 1.1x 1.4x

148x 7x 18x 9x 206x

4% 7% 45% 1% 2%

10 / -/4 - / 19 1/1 1/-

6 7 8 9 10

VAALCO Energy ViroPharma VASCO Data Security Martek Biosciences CryoLife

EGY VPHM VDSI MATK CRY

4.26 7.54 6.08 17.96 6.00

248 584 228 597 171

164 432 157 461 144

190% 416% 527% -28% -12%

-8% -5% -78% -39% -25%

-43% -42% -41% -41% -38%

1.6x 5.3x 2.6x 1.1x 1.7x

7x 84x 16x 13x 15x

3% 1% 25% 2% 7%

1/28 / -/1 -/- / 11

11 12 13 14 15

ICx Technologies Synovis Life Tech Imation Granite Construction Rochester Medical

ICXT SYNO IMN GVA ROCM

5.05 12.06 8.82 28.56 10.11

174 140 336 1,104 122

150 90 225 949 91

n/m 34% -75% 84% 132%

-48% -38% -58% -21% -9%

-36% -36% -35% -35% -34%

2.0x 1.9x .6x 1.4x 2.2x

42x 24x 20x 15x 78x

5% 3% 1% 2% 15%

- / 11 1/5 2/-/1 -/9

16 17 18 19 20

Orbital Sciences BigBand Networks Immucor EMS Technologies * Winn-Dixie Stores

ORB BBND BLUD ELMG WINN

12.88 3.70 17.88 17.43 11.09

728 245 1,254 266 608

482 72 1,102 262 484

205% n/m 347% 12% n/m

-47% -28% -47% -42% -34%

-34% -33% -33% -33% -31%

1.7x 1.6x 5.1x 2.3x .9x

17x 18x 14x 10x 31x

1% 41% 1% 1% 1%

-/3 - / 19 -/-/- / 15

21 22 23 24 25

Luminex JAKKS Pacific Met-Pro Comtech Telecomm. Cubist Pharma

LMNX JAKK MPR CMTL CBST

14.72 14.23 9.20 32.12 16.94

611 397 134 907 982

518 341 110 621 726

258% 6% 51% 569% 106%

-9% -40% -23% -41% -17%

-31% -31% -31% -30% -30%

4.3x 1.2x 2.3x 2.1x 2.3x

31x 10x 17x 14x 11x

7% 4% 1% 2% 0%

-/6 -/5 1/4 -/1/2

26 27 28 29 30

Rostelecom Landauer * Viad Cephalon National HealthCare

ROS LDR VVI CEPH NHC

39.05 51.79 17.50 54.58 35.97

4,743 484 360 4,075 492

4,117 452 264 3,657 601

449% 49% n/m 12% 106%

-44% 0% -45% -24% -30%

-30% -29% -29% -29% -29%

2.4x 8.7x 1.5x 8.3x 1.5x

22x 18x 32x 9x 15x

52% 1% 3% 1% 23%

-/-/-/-/1 -/8

31 32 33 34 35

Cogent * NCR Corp. * DSP Group AeroVironment IRIS International

COGT NCR DSPG AVAV IRIS

9.65 10.15 5.78 26.66 10.14

865 1,616 132 573 183

571 1,208 62 433 151

n/m 80% -63% n/m n/m

-13% -60% -53% 10% -48%

-29% -28% -28% -28% -27%

1.6x 4.5x 1.0x 2.8x 2.6x

18x 15x 15x 19x 18x

48% 1% 0% 21% 4%

-/3 -/-/3 - / 20 1/6

36 37 38 39 40

* GigaMedia * Astec Industries * Force Protection Energy Recovery * Callaway Golf

GIGM ASTE FRPT ERII ELY

4.10 23.00 4.40 5.58 6.84

224 518 308 280 441

141 482 186 201 336

503% 132% n/m n/m -48%

-78% -38% -6% n/m -61%

-27% -27% -26% -26% -26%

1.9x 1.1x 1.1x 2.6x .8x

6x 21x 9x 28x 21x

21% 20% 1% 12% 0%

-/3 -/5 1/1 1 / 17 1/-

41 42 43 44 45

* China Sky One Omega Flex Pharma Product * Gushan Environmental * Apollo Group

CSKI OFLX PPDI GU APOL

11.87 15.55 21.55 1.37 57.10

198 157 2,546 115 8,841

150 149 1,973 15 8,462

2020% n/m 47% n/m 30%

-15% -5% -47% -85% -19%

-26% -26% -26% -26% -25%

2.0x 5.8x 2.4x .4x 20.5x

4x 40x 15x 137x 9x

36% 69% 10% 39% 17%

-/-/-/-/- / 19

* New additions are highlighted. Screening criteria: ► Positive net cash ► Positive next FY EPS estimate ► Market value > $100 million New additions are highlighted. MV = market value. EV = enterprise value. Number of insider transactions relates to most recent six-month period.

© BeyondProxy LLC

10x45 Bargain Hunter™

www.manualofideas.com

November 1, 2009

Page 6

Value with Catalyst: Cheap Repurchasers of Stock Companies that may be creating value by reducing their shares outstanding at relatively cheap prices ▼ MV ($mn)

EV ($mn)

Q-Q Change in Shares

Next FY P/E

Price to Tangible Book

Net Cash as % of MV

Insiders % Buys/ Own. Sells

Company

Ticker

Price ($)

1 2 3 4 5

LaBranche Banco Macro * Hawk * RRSat Global Comms National West. Life

LAB BMA HWK RRST NWLI

2.76 29.23 13.92 10.75 176.16

148 1,778 112 186 639

n/m n/m 120 155 n/m

-7.4% -6.8% -6.3% -6.1% -5.5%

14x 10x 16x 12x -

.5x 3.3x 1.8x 2.5x .6x

-22% 51% -7% 17% 9%

10% 37% 31% 75% 37%

-/-/-/-/-/-

6 7 8 9 10

Tongjitang Chinese Cincinnati Bell Employers Holdings Simcere Pharma Gaiam

TCM CBB EIG SCR GAIA

3.90 3.08 14.82 7.90 6.53

132 653 672 482 151

77 2,579 n/m 399 108

-5.1% -4.7% -4.3% -3.7% -3.7%

49x 7x 10x 13x 36x

.9x n/m 1.6x 1.9x 1.4x

42% -295% 5% 17% 28%

38% 1% 1% 46% 45%

-/-/38 / -/-/-

11 12 13 14 15

Safety Insurance Triple-S Management * Career Education Home Federal Bancorp Co. Energetica Minas

SAFT GTS CECO HOME CIG

33.47 16.70 20.84 11.55 15.79

513 491 1,775 191 9,796

n/m n/m 1,386 n/m 11,123

-3.3% -2.9% -2.9% -2.4% -2.2%

10x 7x 12x 96x 9x

.9x 1.0x 4.1x 1.0x 2.2x

11% -26% 22% 15% -14%

9% 31% 1% 62% 38%

-/-/4/1/-/-

16 17 18 19 20

* BGC Partners KONAMI 99 Cents Only Stores * GP Strategies AirMedia Group

BGCP KNM NDN GPX AMCN

4.83 18.54 11.37 7.04 8.27

385 2,474 779 110 542

n/m 2,494 647 109 446

-2.0% -2.0% -1.9% -1.7% -1.7%

11x 16x 16x 11x 41x

1.8x 1.9x 1.4x 3.6x 1.9x

59% -1% 17% 1% 18%

54% 28% 33% 7% 50%

1/-/-/-/-/-

21 22

* Sinclair Broadcast Himax Technologies

SBGI HIMX

3.94 2.64

314 244

1,619 105

-1.5% -1.5%

11x 9x

n/m .6x

-415% 57%

68% 27%

3/-/-

No additional companies met the screening criteria outlined below. * New additions are highlighted. Screening criteria: ► MV < 2 * BV ► Price <= 12 * next FY EPS ► Debt/equity < 0.4 ► No net insider selling ► MV > $100 million New additions are highlighted. MV = market value. EV = enterprise value. BV = book value. # of insider trades relates to latest six-month period.

© BeyondProxy LLC

10x45 Bargain Hunter™

www.manualofideas.com

November 1, 2009

Page 7

Profitable Dividend Payors with Decent Balance Sheets Dividend-paying companies with no net debt and EPS estimates in excess of 75% of the indicated annual dividend ▼ Move To 52-Week Low High

MV ($mn)

EV ($mn)

Dividend Yield Last 12 Annual Months Indicated

Est. P/E This Next FY FY

Price to Tangible Book

Insiders % Buys/ Own. Sells

Company

Ticker

Price ($)

1 2 3 4 5

* Calumet Specialty Integrys Energy * Plains All American Barnes & Noble Foot Locker

CLMT TEG PAA BKS FL

15.92 34.60 47.83 16.61 10.48

-64% -44% -49% -35% -65%

16% 45% 7% 73% 41%

513 2,644 6,167 929 1,639

954 2,337 10,581 771 1,362

11% 8% 8% 6% 6%

11% 8% 8% 6% 6%

8x 15x 15x 18x 17x

7x 12x 16x 12x 14x

1.5x 1.2x 2.6x 1.6x 1.0x

42% 1% 11% 30% 1%

5/1 -/1/1 -/1 2/1

6 7 8 9 10

* Repsol * SUPERVALU * Sunoco * SYSCO * Worthington

REP SVU SUN SYY WOR

26.60 15.87 30.80 26.45 11.05

-47% -46% -30% -27% -37%

8% 28% 54% 5% 49%

29,815 3,365 3,601 15,640 874

45,288 11,240 5,894 17,030 987

11% 4% 4% 4% 5%

5% 4% 4% 4% 4%

14x 8x 81x 15x 23x

11x 8x 11x 14x 13x

1.3x n/m 1.3x 8.6x 1.5x

21% 1% 1% 1% 26%

-/-/1/-/5 2/3

11 12 13 14 15

* Cato Corp. * Valero Energy * Weis Markets * Commercial Metals * Delhaize

CATO VLO WMK CMC DEG

19.71 18.10 35.40 14.84 67.80

-42% -23% -36% -58% -21%

18% 45% 7% 43% 11%

583 10,186 952 1,670 6,766

408 15,931 840 2,439 10,515

3% 2% 3% 3% 3%

3% 3% 3% 3% 3%

14x n/m 15x >99x 10x

13x 12x 14x 13x 10x

2.0x .6x 1.5x 1.2x 4.7x

7% 1% 48% 4% 1%

-/7 -/3 -/-/6 -/-

16 17 18 19 20

* Marathon Oil Corp. * Applied Industrial * Tesoro * Steelcase * ABM Industries

MRO AIT TSO SCS ABM

31.97 20.23 14.14 5.77 18.78

-40% -30% -53% -47% -38%

12% 18% 36% 65% 24%

22,626 856 1,973 767 969

29,751 865 3,531 927 1,141

3% 3% 3% 6% 3%

3% 3% 3% 3% 3%

17x 18x n/m >99x 14x

8x 14x 16x 30x 13x

1.1x 2.4x .7x 1.5x >9.9x

1% 13% 1% 18% 10%

-/-/4 -/8 -/1/8

21 22 23 24 25

* Cooper Tire & Rubber * Kaman * PriceSmart * Grupo Casa Saba * Cardinal Health

CTB KAMN PSMT SAB CAH

15.26 20.66 19.30 19.50 28.34

-81% -55% -46% -43% -30%

24% 30% 11% 24% 5%

900 530 572 518 10,220

1,203 609 572 667 12,020

3% 3% 3% 0% 2%

3% 3% 3% 3% 2%

11x 18x 14x 15x

9x 13x 13x 13x

3.8x 3.0x 2.3x 1.0x 3.9x

2% 1% 46% 90% 1%

-/7 3/- / 16 -/-/3

26 27 28 29 30

* J.C. Penney * Whirlpool * Arkansas Best * Owens & Minor * Administaff

JCP WHR ABFS OMI ASF

33.13 71.59 25.82 40.89 24.82

-59% -73% -39% -26% -46%

12% 12% 34% 18% 23%

7,814 5,318 647 1,708 634

8,894 7,512 472 1,873 452

2% 2% 2% 2% 2%

2% 2% 2% 2% 2%

32x 17x n/m 16x 26x

22x 12x 31x 14x 20x

1.7x >9.9x 1.2x 3.6x 3.0x

8% 1% 9% 2% 13%

-/-/-/3 - / 11 - / 52

31 32 33 34 35

* Jabil Circuit * Holly Corp. * Archer Daniels * Granite Construction * Ruddick Corp.

JBL HOC ADM GVA RDK

13.38 29.01 30.12 28.56 26.72

-77% -63% -34% -5% -29%

15% 16% 7% 75% 13%

2,866 1,458 19,345 1,104 1,297

3,224 1,926 23,564 949 1,632

2% 2% 2% 2% 2%

2% 2% 2% 2% 2%

13x 20x 12x 16x 13x

10x 9x 11x 15x 13x

2.2x 3.3x 1.5x 1.4x 1.6x

11% 4% 2% 2% 5%

-/1 -/2 -/7 -/1 -/2

36 37 38 39 40

* Safeway * Frontier Oil * Mueller Industries * Brink's Company * Stepan Company

SWY FTO MLI BCO SCL

22.33 13.86 23.66 23.73 57.24

-23% -46% -34% -23% -60%

9% 33% 17% 104% 14%

9,075 1,451 891 1,082 555

14,063 1,313 707 1,096 634

2% 2% 2% 2% 2%

2% 2% 2% 2% 2%

13x 82x 26x 13x 12x

12x 12x 18x 11x 15x

2.0x 1.2x 1.5x >9.9x 2.5x

1% 1% 1% 2% 28%

3/5 -/2 2/-/5 - / 47

41 42 43 44 45

* Kroger * Sanderson Farms * Manpower * RadioShack * Bunge

KR SAFM MAN RSH BG

23.13 36.59 47.41 16.89 57.06

-16% -45% -52% -62% -46%

26% 35% 33% 9% 28%

15,054 744 3,716 2,115 6,965

22,224 844 3,425 1,946 9,942

2% 2% 2% 1% 1%

2% 2% 2% 1% 1%

12x 9x 68x 11x 16x

11x 8x 43x 11x 10x

4.4x 1.8x 3.1x 2.1x .8x

6% 15% 1% 0% 1%

1 / 13 -/1 -/4 -/-/-

* New additions are highlighted. Screening criteria: ► Positive net cash ► Positive EPS estimates for this FY and next FY ► MV > $100 million New additions are highlighted. MV = market value. EV = enterprise value. Number of insider transactions relates to most recent six-month period.

© BeyondProxy LLC

10x45 Bargain Hunter™

www.manualofideas.com

November 1, 2009

Page 8

Deep Value: Lots of Revenue, Low Enterprise Value Companies that trade at low multiples of net revenue ▼ Move To 52-Week Low High

MV ($mn)

EV ($mn)

EV/ Sales

Est. P/E This Next FY FY

Price to Tangible Book

Insiders % Buys/ Own. Sells

Company

Ticker

Price ($)

1 2 3 4 5

Tech Data Winn-Dixie Stores Ingram Micro World Fuel Services AmerisourceBergen

TECD WINN IM INT ABC

38.43 11.09 17.65 50.85 22.15

-63% -28% -51% -63% -40%

16% 46% 6% 12% 8%

1,932 608 2,878 1,507 6,584

1,242 484 2,084 1,204 6,862

.06x .07x .07x .09x .10x

14x 44x 16x 15x 13x

12x 31x 13x 13x 12x

1.0x .9x 1.0x 3.4x n/m

3% 1% 6% 6% 2%

- / 31 - / 15 -/2 2 / 23 -/3

6 7 8

Tutor Perini Cardinal Health McKesson

TPC CAH MCK

17.65 28.34 58.73

-42% -30% -52%

51% 5% 6%

857 10,220 15,739

614 12,020 15,035

.10x .12x .14x

6x 15x 13x

7x 13x 12x

1.8x 3.9x 6.8x

47% 1% 0%

9

SYNNEX

SNX

25.73

-66%

28%

870

1,153

.15x

10x

9x

1.4x

40%

10

Barnes & Noble

BKS

16.61

-35%

73%

929

771

.15x

18x

12x

1.6x

30%

-/4 -/3 - / 20 -/ 177 -/1

11 12 13 14 15

Kindred Healthcare Sunoco Office Depot Centene Brightpoint

KND SUN ODP CNC CELL

14.70 30.80 6.05 17.83 7.37

-45% -30% -90% -16% -61%

26% 54% 30% 26% 26%

574 3,601 1,662 810 604

652 5,894 2,037 652 623

.16x .16x .16x .17x .17x

10x 81x n/m 9x 17x

11x 11x n/m 8x 12x

.7x 1.3x 2.1x 2.4x 5.8x

3% 1% 3% 2% 2%

- / 19 1/-/-/- / 11

16 17 18 19 20

Great A & P Tea KBR Interactive Brokers Tesoro Celestica

GAP KBR IBKR TSO CLS

9.91 20.47 16.01 14.14 8.30

-70% -52% -21% -53% -69%

15% 21% 44% 36% 22%

578 3,284 660 1,973 1,902

1,594 2,207 248 3,531 1,222

.17x .17x .17x .17x .19x

n/m 12x 14x n/m -

n/m 13x 11x 16x -

n/m 2.3x 1.2x .7x 1.3x

42% 1% 1% 1% 14%

- / 11 -/3 21 / -/8 -/-

21 22 23 24 25

Magna International BJ's Wholesale Club Sanmina-SCI EMCOR Group Shaw Group

MGA BJ SANM EME SHAW

39.63 35.03 6.42 23.62 25.66

-50% -22% -83% -53% -55%

31% 16% 43% 12% 37%

4,463 1,945 505 1,556 2,145

3,398 1,920 1,078 1,232 1,437

.19x .19x .20x .20x .20x

14x n/m 11x -

13x 40x 13x -

.7x 1.9x .9x 6.0x 2.5x

2% 1% 1% 2% 1%

-/-/6 -/1/3 -/1

26 27 28 29 30

Integrys Energy * Willbros Group Manpower Eastman Kodak Charming Shoppes

TEG WG MAN EK CHRS

34.60 13.14 47.41 3.75 4.53

-44% -59% -52% -46% -90%

45% 29% 33% 169% 29%

2,644 521 3,716 1,006 524

2,337 372 3,425 1,607 509

.21x .21x .21x .22x .23x

15x 16x 68x n/m n/m

12x 14x 43x n/m 19x

1.2x 1.4x 3.1x n/m 1.6x

1% 3% 1% 1% 1%

-/-/-/4 -/3/-

31 32 33 34 35

Arrow Electronics Sears Holdings Valero Energy Avnet Flextronics

ARW SHLD VLO AVT FLEX

25.34 67.86 18.10 24.78 6.48

-54% -61% -23% -52% -81%

18% 17% 45% 11% 23%

3,035 8,063 10,186 3,748 5,256

3,304 10,113 15,931 3,774 5,911

.23x .23x .23x .23x .23x

16x 80x n/m 14x 13x

12x 48x 12x 11x 10x

1.6x 1.7x .6x 1.7x 3.4x

3% 59% 1% 1% 0%

- / 13 1/-/3 - / 13 -/6

36 37 38 39 40

Live Nation * Bunge * Owens & Minor Andersons Frontier Oil

LYV BG OMI ANDE FTO

6.66 57.06 40.89 31.03 13.86

-63% -46% -26% -66% -46%

79% 28% 18% 21% 33%

557 6,965 1,708 568 1,451

919 9,942 1,873 761 1,313

.23x .23x .24x .24x .24x

n/m 16x 16x 14x 82x

n/m 10x 14x 10x 12x

n/m .8x 3.6x 1.5x 1.2x

6% 1% 2% 9% 1%

6/-/- / 11 1 / 25 -/2

41 42 43 44 45

* NCR Corp. SUPERVALU Repsol * Fluor * Administaff

NCR SVU REP FLR ASF

10.15 15.87 26.60 44.42 24.82

-35% -46% -47% -36% -46%

85% 28% 8% 32% 23%

1,616 3,365 29,815 7,990 634

1,208 11,240 45,288 6,020 452

.26x .26x .26x .26x .26x

20x 8x 14x 12x 26x

15x 8x 11x 12x 20x

4.5x n/m 1.3x 2.7x 3.0x

1% 1% 21% 0% 13%

-/-/-/- / 12 - / 52

* New additions are highlighted. Screening criteria: ► EV to trailing revenue less than 0.5x ► Market value does not exceed revenue ► Market value > $500 million New additions are highlighted. MV = market value. EV = enterprise value. Number of insider transactions relates to most recent six-month period.

© BeyondProxy LLC

10x45 Bargain Hunter™

www.manualofideas.com

November 1, 2009

Page 9

Deep Value: Neglected Gross Profiteers Companies that trade at low multiples of gross profit ▼ Move To 52-Week Low High

MV ($mn)

EV ($mn)

Enterprise Value / Gross Sales Profit EBIT

Est. P/E This Next FY FY

Price/ Tang. Book

Insiders % Buys/ Own. Sells

Company

Ticker

Price ($)

1 2 3 4 5

Molina Healthcare WellCare Health Kindred Healthcare Winn-Dixie Stores Interactive Brokers

MOH WCG KND WINN IBKR

18.72 26.13 14.70 11.09 16.01

-14% -77% -45% -28% -21%

38% 7% 26% 46% 44%

478 1,103 574 608 660

16 162 652 484 248

.0x .0x .2x .1x .2x

.0x .2x .2x .2x .2x

.2x n/m 5.8x 6.5x .3x

10x 9x 10x 44x 14x

8x 11x 11x 31x 11x

1.4x 1.6x .7x .9x 1.2x

49% 4% 3% 1% 1%

- / 15 -/- / 19 - / 15 21 / -

6 7 8 9 10

RealNetworks Humana Retail Ventures Kelly Services Barnes & Noble

RNWK HUM RVI KELYA BKS

3.57 37.58 6.41 11.08 16.61

-45% -51% -86% -45% -35%

30% 22% 16% 35% 73%

481 6,376 314 387 929

108 2,044 244 350 771

.2x .1x .2x .1x .2x

.3x .4x .4x .4x .5x

n/m 1.5x n/m n/m 5.8x

n/m 6x n/m 18x

n/m 7x n/m 12x

1.3x 2.3x 1.8x .7x 1.6x

37% 1% 41% 23% 30%

-/-/-/1/-/1

11 12 13 14 15

Great A & P Tea Blyth E.W. Scripps Office Depot Star Gas Partners

GAP BTH SSP ODP SGU

9.91 35.43 6.36 6.05 3.90

-70% -62% -89% -90% -55%

15% 39% 42% 30% 1%

578 316 344 1,662 297

1,594 312 375 2,037 209

.2x .3x .4x .2x .2x

.6x .6x .6x .6x .6x

n/m n/m n/m n/m 2.6x

n/m 15x n/m n/m -

n/m 14x 37x n/m -

n/m 1.4x .9x 2.1x 3.5x

42% 34% 47% 3% 18%

- / 11 -/2 -/7 -/-/-

16 17 18 19 20

First American Hutchison Telecom AnnTaylor Stores Core-Mark Brown Shoe

FAF HTX ANN CORE BWS

30.39 2.96 12.97 27.37 10.37

-53% -17% -81% -46% -80%

12% 647% 35% 11% 19%

2,837 950 762 285 445

2,748 1,431 627 276 605

.5x .6x .3x .0x .3x

.7x .7x .7x .7x .7x

18.8x 10.5x n/m 4.5x n/m

14x n/m 7x 69x

12x 39x 9x 27x

n/m >9.9x 1.9x 1.0x 1.5x

5% 62% 3% 2% 4%

1/8 -/-/1 - / 12 -/-

21 22 23 24 25

* Himax Tech * USA Mobility Vonage * Medicines Spherion

HIMX USMO VG MDCO SFN

2.64 10.90 1.58 7.19 4.95

-62% -22% -80% -14% -78%

50% 29% 66% 154% 40%

244 247 248 379 247

105 151 435 207 259

.2x .5x .5x .5x .1x

.7x .7x .7x .7x .7x

7.9x 2.4x n/m n/m n/m

11x n/m n/m

9x n/m n/m

.6x 1.5x n/m 1.4x .9x

27% 1% 61% 1% 3%

-/-/6 -/4 1/-/1

26 27 28 29 30

CDI Liz Claiborne * Alaska Air Group Repsol Haverty Furniture

CDI LIZ ALK REP HVT

12.18 5.74 25.72 26.60 12.11

-47% -75% -47% -47% -37%

37% 47% 20% 8% 10%

231 546 907 29,815 259

157 1,211 1,335 45,288 244

.2x .4x .4x .3x .4x

.8x .8x .8x .8x .8x

44.8x n/m 12.4x 2.8x n/m

94x n/m 9x 14x n/m

49x >99x 7x 11x 19x

1.0x 6.2x 1.2x 1.3x 1.1x

10% 1% 0% 21% 38%

-/-/-/-/-/9

31 32 33 34 35

Christopher & Banks * Cabela's Genesco * Insight Enterprises Health Net

CBK CAB GCO NSIT HNT

6.09 12.57 26.07 10.52 14.91

-60% -67% -60% -81% -51%

48% 41% 14% 34% 21%

219 845 591 483 1,549

119 813 628 482 1,599

.3x .3x .4x .1x .1x

.8x .8x .8x .8x .8x

n/m 5.5x 12.3x n/m 9.5x

n/m 10x 15x 13x 7x

n/m 10x 13x 11x 8x

1.1x .9x 1.7x 1.4x 1.6x

2% 40% 4% 2% 3%

-/1 14 / 8 -/2 -/2 -/2

36 37 38 39 40

* Pier 1 Imports Sears Holdings * Imation * Atlas Air Worldwide Amerigroup

PIR SHLD IMN AAWW AGP

3.52 67.86 8.82 26.29 22.05

-97% -61% -21% -66% -21%

53% 17% 65% 44% 47%

320 8,063 336 555 1,158

296 10,113 225 705 726

.2x .2x .1x .7x .2x

.8x .8x .8x .8x .8x

n/m 52.4x n/m 3.3x 3.0x

n/m 80x >99x 9x 11x

44x 48x 20x 10x 11x

1.9x 1.7x .6x .8x 1.7x

2% 59% 1% 1% 3%

46 / 1/2/- / 24 -/6

41 42 43 44 45

* Jo-Ann Stores Fred's KT Corp. CBRL Group * Universal Health

JAS FRED KTC CBRL UHS

26.62 11.84 16.05 33.15 55.65

-61% -31% -38% -68% -45%

18% 25% 10% 11% 20%

707 474 6,454 755 2,732

773 428 12,280 1,389 3,574

.4x .2x .7x .6x .7x

.8x .9x .9x .9x .9x

12.6x 12.4x 10.2x 9.8x 7.3x

18x 15x 11x 11x 12x

15x 14x 10x 10x 11x

1.5x 1.2x 1.0x 5.6x 2.7x

6% 7% 7% 2% 17%

- / 13 -/2 -/-/8 - / 14

* New additions are highlighted. Screening criteria: ► EV not more than trailing gross profit ► Market value not more than 2x gross profit ► Market value > $200 million New additions are highlighted. MV = market value. EV = enterprise value. Number of insider transactions relates to most recent six-month period.

© BeyondProxy LLC

10x45 Bargain Hunter™

www.manualofideas.com

November 1, 2009

Page 10

Activist Targets: Potential Sales, Liquidations or Recaps Companies that may unlock value through a corporate event ▼ Move To 52-Week Low High

MV ($mn)

EV ($mn)

Price to Tangible Book

Net Cash (% of MV)

Net Net ST Assets (% of MV)

EV/ Sales

Next FY P/E

Insiders % Buys/ Own. Sells

Company

Ticker

Price ($)

1 2 3 4 5

QLT Myriad Pharma Imation Silicon Image Ascent Media

QLTI MYRX IMN SIMG ASCMA

3.49 5.52 8.82 2.11 23.19

-60% -34% -21% -4% -24%

29% 36% 65% 143% 29%

191 133 336 159 327

(3) (36) 225 6 18

.7x .7x .6x .8x .5x

102% 127% 33% 96% 95%

138% 124% 119% 105% 104%

n/m n/m .1x .0x .0x

20x n/m -

1% 0% 1% 0% 6%

4/2 -/2/-/-/-

6 7 8 9 10

Trident Microsystems Adaptec Hurco Integr. Electrical Tech Data

TRID ADPT HURC IESC TECD

1.88 3.19 15.90 6.58 38.43

-35% -31% -48% -40% -63%

65% 16% 55% 107% 16%

133 384 102 101 1,932

(28) (1) 79 71 1,242

.8x 1.0x .9x .7x 1.0x

121% 100% 23% 30% 36%

96% 94% 92% 90% 89%

n/m n/m .7x .1x .1x

n/m >99x 15x 12x

1% 1% 15% 3% 3%

-/11 / 1/2 -/1 - / 31

11 12 13 14 15

TomoTherapy White Electronic Lattice Semi Ingram Micro DivX

TOMO WEDC LSCC IM DIVX

3.32 4.39 1.91 17.65 4.81

-45% -32% -46% -51% -20%

41% 15% 42% 6% 53%

173 101 220 2,878 157

26 42 105 2,084 21

.9x 1.0x .9x 1.0x 1.0x

85% 58% 52% 28% 86%

87% 86% 86% 85% 83%

.1x .7x .6x .1x .3x

n/m 16x 19x 13x 40x

16% 7% 0% 6% 3%

-/1/5 -/1 -/2 -/2

16 17 18 19 20

Zoran Radvision SupportSoft Advanced Analogic CDI

ZRAN RVSN SPRT AATI CDI

8.87 6.17 2.40 3.15 12.18

-43% -30% -35% -42% -47%

38% 56% 13% 77% 37%

458 121 112 135 231

60 15 18 32 157

1.0x 1.0x 1.2x 1.1x 1.0x

87% 88% 84% 76% 32%

83% 82% 82% 81% 80%

.2x .2x .7x .4x .2x

52x 23x n/m n/m 49x

0% 15% 6% 5% 10%

2/-/-/-/1 -/-

21 22 23 24 25

Cutera Callaway Golf Aceto PCTEL Electro Scientific

CUTR ELY ACET PCTI ESIO

9.01 6.84 5.54 5.86 10.94

-39% -32% -12% -40% -57%

11% 56% 111% 23% 33%

121 441 137 109 300

23 336 79 41 148

1.1x .8x 1.1x .9x .9x

81% 24% 42% 63% 51%

80% 80% 78% 78% 77%

.4x .4x .2x .7x 1.6x

n/m 21x 9x 34x 55x

5% 0% 1% 5% 0%

-/1/1/1 - / 10 -/4

26 27 28 29 30

Progenics Pharma Bel Fuse Benchmark Electron. * JAKKS Pacific SMART Modular

PGNX BELFB BHE JAKK SMOD

4.19 18.10 16.80 14.23 4.06

-1% -51% -49% -29% -81%

171% 33% 12% 59% 38%

132 208 1,091 397 251

18 208 665 341 185

1.2x 1.1x 1.0x 1.2x 1.1x

86% 0% 39% 14% 26%

76% 75% 75% 74% 74%

.4x 1.1x .3x .4x .4x

n/m 26x 17x 10x 10x

11% 10% 1% 4% 2%

1/3 -/1/-/5 -/5

31 32 33 34 35

* Force Protection * Mattson Technology Miller Industries Universal Stainless Sigma Designs

FRPT MTSN MLR USAP SIGM

4.40 2.12 10.05 15.09 12.01

-48% -86% -51% -47% -42%

128% 48% 16% 41% 47%

308 106 117 102 322

186 40 90 74 129

1.1x 1.0x .9x .7x 1.1x

40% 62% 23% 28% 60%

73% 72% 71% 71% 69%

.2x 1.1x .4x .5x .7x

9x n/m 24x 16x 11x

1% 1% 5% 1% 2%

1/1 -/-/-/-/4

36 37 38 39 40

Vital Images * Spartan Motors A.C. Moore Arts Exar * Silicon Graphics

VTAL SPAR ACMR EXAR SGI

11.41 4.99 4.78 6.90 5.96

-25% -74% -85% -28% -43%

25% 135% 18% 16% 32%

163 164 118 301 180

38 155 81 95 51

1.2x .9x .7x 1.2x .9x

76% 6% 31% 69% 72%

69% 68% 68% 68% 67%

.6x .3x .2x .8x .2x

n/m 17x >99x 58x n/m

2% 9% 2% 0% 1%

4/4 -/8 2/7/1 1/-

41 42 43 44 45

ActivIdentity Infinity Pharma * Rudolph Tech InfoSpace Celera

ACTI INFI RTEC INSP CRA

2.27 5.58 6.34 8.57 6.19

-53% -22% -69% -41% -19%

34% 61% 33% 5% 110%

104 146 196 303 507

25 (4) 124 97 186

1.2x 1.2x 1.3x 1.4x 1.4x

76% 103% 37% 68% 63%

66% 65% 65% 65% 65%

.4x n/m 1.5x .6x 1.1x

38x n/m n/m 37x >99x

4% 17% 8% 0% 2%

-/-/-/3 -/1/-

* New additions are highlighted. Screening criteria: ► Tang. book > 50% of MV ► ST assets - liabilities > 50% of MV ► Net cash ► Insiders < 20% ► MV > $100 million New additions are highlighted. MV = market value. EV = enterprise value. Number of insider transactions relates to most recent six-month period.

© BeyondProxy LLC

10x45 Bargain Hunter™

www.manualofideas.com

November 1, 2009

Page 11

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